On top of Mrak Hall, there's an owl figure. There are actually several buildings on campus, mostly around Mrak Hall, outfitted with the fake owls. See if you can spot them all (owl?) for fun and profit. There are also several at the wooden building next to the Rec Pool. They are used to scare birds such as pigeons to prevent them from nesting and sitting atop buildings where their droppings and other activities damage the roof.
According to rumors, the owl on Mrak is specifically in front of the chancellor's office. Being able to identify her office makes her 3 points less faceless, and aids in shaking one's fist at her.
See also: Freeborn Hall